5 Smart Tips For Buying Bargain Homes For Sale

Millions of people who are looking for residential real estate conduct some degree of their research online. But, most of their effort boils down to checking the listings and browsing for houses within their price range. With a little planning, you can create email alerts that will notify you of price changes and other listing modifications.

Find a few homes for sale that appeal to you, but are above your budget. Then, set up an alert for each one. You might find the owners will lower their prices due to the soft market, thereby bringing their homes within your price range.

• Tip 2  Let The Listings Go Stale

Real estate professionals realize a listing that crosses the "90 days on the market" line goes stale. That means the likelihood the house will move for the seller's asking price declines - sometimes dramatically. The "days on market" figure is a good barometer to use if you're looking for a bargain. The problem is, a lot of real estate websites don't offer it. You may need to contact the seller's agent to find out how many days a particular house has been on the market.

• Low-ball The Bid On A Fixer-Upper

The soft market has discouraged a lot of sellers trying to unload their homes. This has led some sellers to let their houses fall into disrepair. To be sure, many of the homes listed as "fixer-uppers" actually need a significant amount of work. It's often more work than most people are able or willing to handle.
On the other hand, there are plenty of homes for sale that suffer from cosmetic shabbiness. That's often a sign the owners are willing to lower their price just to move the house. Put in a low bid and you might pick up a bargain.

• Tip 4 - Find Those Who Flip Houses

For years, real estate investors were able to make a sizable profit by purchasing homes for sale, fixing them up, and flipping them. That works well when the housing market is strong and prices are climbing. When the market turns downward, their fortunes move in the opposite direction. Many of these "flippers" are desperate to sell because the loan on their property is straining their budget. That creates a bargain-hunting opportunity for you.

• Tip 5 - Avoid Negotiating With Banks

The banks' loan portfolios are filled with foreclosures. As such, you might think they would be willing to negotiate a low price just to get the foreclosed houses off their books. In reality, banks are still surprisingly tightfisted, even with their short sales.

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